Industry News by Nemesis

Peregrine Security Holders Approve De Beers Deal

Peregrine Diamonds said its security holders have approved the move by De Beers Canada to acquire the company for C$107 million ($81 million).

The special resolution was passed with approval by 98.35 percent of votes cast by shareholders.

Peregrine said it now expects to apply for a final order of the Supreme Court of British Columbia for approval of the arrangement on September 10, 2018.

“Assuming the satisfaction or waiver of other customary closing conditions, the arrangement is expected to close on or about September 12,2018,” it said.

Peregrine’s core asset was its wholly-owned, 317,213-hectare Chidliak Project, located 120 kilometres from Iqaluit, the capital of Nunavut, where 74 kimberlites had been discovered to date, with eight being potentially economic.

The Chidliak resource was discovered in 2008 and 74 kimberlite pipes had been identified at the project, including the CH-6 and CH-7 pipes, which are the current focus of the mine’s first phase diamond development programme.

The diamond development programme had a total inferred mineral resource in excess of 22 million carats.